Putting the New Zealand link aside, the appointment marks a break from the past for CBA and its traditionally conservative board.

Apart from a three-year stint running Air New Zealand, Mr Norris has been a career banker for the best part of four decades.

By comparison, Mr Narev is a lawyer with a specialty in mergers and acquisitions who worked for global consulting firm McKinsey & Co in New York, Sydney and Auckland.

He graduated at the top of his class in international corporate law at Cambridge University before studying international relations at New York University. He lists rugby and performing arts as pastimes.

After joining CBA in 2007, Mr Narev led the bank’s acquisition of BankWest at the height of the global financial crisis. Since 2009, he has run CBA’s business and private banking division, which contributes about $1 billion a year in after-tax profitand includes the Commsec online broking channel.

“I am greatly looking forward to leading a vibrant company as it navigates the associated risks and equally as importantly seizes on the opportunities," Mr Narev said after his appointment on Friday. “My time as chief executive is still several months away, so it is too early for me to share any detailed thoughts."

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“What I can say that as is natural in any change of leadership, there will be some differences in style and focus."

Planning for a replacement for Mr Norris began more than two years ago when the CBA chief signalled to then chairman John Schubert he was considering retirement towards the end of 2010. He was persuaded to stay on for a year longer than he had planned. About 18 months ago, he began a formal process of grooming a successor.

The bank hired an international firm to search for global candidates in October, but an internal appointment appeared the preferred option.

Mr Narev is believed to have won out over a number of other senior CBA executives, including retail banking head
Ross McEwan
and chief financial officer David Craig.

Like National Australia Bank chief Cameron Clyne, who is 43, Mr Narev is part of the new guard of corporate chiefs putting their stamp on Australia’s business landscape.

Although Mr Narev stressed there would be no major change of strategy at CBA, his international background and deal-making experience will fan expectations that the bank will look for growth through overseas acquisitions.

CBA chairman
David Turner
said: “The challenges are complex, the regulatory environment is changing, the competitive area is intense and the requirements for sensible, operationally effective leadership with excellent strategic awareness and vision will be paramount."